#CFR Richemont Roars Back: Ready to 'Rumble' Up the Charts!
Updated
Richemont (JSE:CFR) Breaking the significant down trending channel which has held price lower since July in a very controlled 'Fashion' (excuse the pun). The level we bounced from is the 50% fib retracement from the May 22 lows and May 23 highs. RSI and MACD has been building divergence for weeks where the indicators made higher lows which was not confirmed by price..
Putting this all together, I think we have a good trading opportunity to get long CFR here with a stop loss below recent lows at R2158, with targets at approx. R2500 R2600 and R2700 (200day ma).
Putting this all together, I think we have a good trading opportunity to get long CFR here with a stop loss below recent lows at R2158, with targets at approx. R2500 R2600 and R2700 (200day ma).
Comment
still going strong after a small wobble after results
"If you do what you love, you'll never work a day in your life" - Marc Anthony
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.